值得注意的是，在年度回报表现最弱的区间内，全市场跌幅排名前三十的主动权益类基金，其年内回报 率均低于-9.75%，其中多只产品亏损超过15%，华富医疗创新A更以-27.13%的回报位居跌幅榜首，浦银 安盛医疗创新A、鑫元消费融通A紧随其后。 专题：2025基金年终大盘点：冠军基年内狂飙233%，主动权益重获主导，全行业规模逼近36万亿新高 2025年以来，A股市场整体呈现上行态势，带动主动权益类基金业绩普遍回暖。截至去年12月31日，从 全市场维度观察，尽管多数主动权益类基金录得正收益，但仍有一定数量的产品表现疲弱。 据统计，近一年有业绩记录的4711只主动权益类基金中，正收益产品达4494只，负收益为217只；若将 周期拉长至近三年，在有业绩的3792只基金中，收益为负的数量增至924只，正收益为2868只。 值得关注的是，在年内跌幅前三十的榜单中，广发基金旗下共有6只产品入围，且均由基金经理王明旭 执掌。 | 序号 | 证券代码 | 证券简称 | 2025年回报 | 基金规模 | 基金经理 | 基金管理人 | | --- | --- | --- | --- | --- | --- | --- | | | ...

专题："业绩为王"时代来了，时隔三年公募绩效迎重大改革！近千名基金经理面临"降薪" 基金行业薪酬体系即将迎来重大改革。根据中基协新规指引，若基金经理过去三年产品收益率低于业绩 比较基准10个百分点以上且基金利润为负，其绩效薪酬下调幅度不得低于30%。同时，新规要求基金公 司对管理多只产品的基金经理，需依据基金规模、管理时长等对业绩表现进行加权考核，且任职不满一 年的基金不纳入评估范围。 在此背景下，广发基金经理王明旭所管理的产品组合受到市场关注。Wind数据显示，截至12月8日，王 明旭目前管理7只基金，在管总规模82.60亿元。 | 证券代码 | 证券简称 | 近三年区间净值 超越基准收益率 | 基金规模合计 (亿) | 王明旭 任职日期 | 基金经理 | | --- | --- | --- | --- | --- | --- | | | | (%) | | | | | 012526.OF | 广发盛锦A | -45.42 | 12.84 | 20230612 | 段涛,王明旭 | | 011134.OF | 广发价值优选A | -35.98 | 2.84 | 20210322 | 王明旭 | | 0111 ...

Core Insights - Wang Mingxu, a fund manager at GF Fund, has delivered the worst performance in the industry this year, with 6 out of 8 funds under his management reporting losses [3][6][12] - The average return for 4,408 actively managed equity funds this year is 30.82%, with 39 funds exceeding 100% returns [3][4] - Despite the overall market rally, Wang's funds have consistently underperformed, leading to investor dissatisfaction [11][12] Fund Performance - Wang Mingxu manages 8 funds, of which 6 have recorded negative returns this year, with the worst performer, GF Balanced Preferred A, showing a return of -9.98% [5][10] - As of November 7, 2023, 11 actively managed equity funds have seen a net value decline of over 10%, with 5 of these funds managed by Wang [4][8] - The total management fee collected from the 6 underperforming funds in the first half of the year was over 55 million yuan [2][17] Market Context - The A-share market has been steadily rising, yet Wang's funds have not benefited, with investors expressing frustration over the lack of recovery [11][12] - The wine sector, heavily weighted in Wang's funds, has underperformed this year, contributing to the overall losses [14] Future Outlook - Despite the poor performance this year, the same 6 funds have shown promising returns in 2024, with returns ranging from 17.88% to 20.39%, outperforming their benchmarks [12][13] - Wang's funds have a high overlap in their top holdings, which may have contributed to their collective underperformance [13][14] Fund Management and Strategy - Wang Mingxu has over 20 years of experience in the securities industry, with more than 7 years in public fund management [15] - The funds managed by Wang have seen a significant decline in scale, dropping below 10 billion yuan for the first time [6][16] - The management scale of Wang's funds decreased by 26.31% to 8.26 billion yuan as of the third quarter of 2023 [16]

Core Viewpoint - The A-share and Hong Kong stock markets have shown a continuous upward trend since mid-April, achieving new highs in the third quarter, with equity funds yielding significant returns [1] Group 1: Active Equity Funds - A total of 37 funds have doubled their returns this year as of September 26, with 31 active equity funds in A-shares achieving over 100% returns [2][4] - The average return for active equity funds is 30.32%, with over 98% of these funds reporting positive returns [4] - The top-performing fund, Yongying Technology Smart Selection A, has a return rate of 189.58%, significantly boosted by its focus on AI concept stocks [4][6] Group 2: Passive Index Funds - Nearly 98% of index funds have achieved positive returns, with an average return of 27.53% [7] - Funds tracking innovative drugs, communications, and artificial intelligence have outperformed, with the top two funds yielding returns of 103.96% and 100.59% [7] - Underperforming index funds are primarily those tracking energy, food and beverage, and coal sectors, with losses exceeding 5% [7] Group 3: QDII Funds - QDII funds focused on the Hong Kong market, particularly in innovative drug assets, have performed well, with four funds exceeding 100% returns [3][8] - The top-performing QDII fund, Huatai Bairui Hang Seng Innovation Drug ETF, has a return of 152.25% [8] - Other notable funds in this category have also shown strong performance, with several exceeding 90% returns [8]